Zomato Eyes New Funding Avenue With QIP Strategy

Zomato announces plans for a fundraiser via qualified institutional placement (QIP), with a board meeting scheduled for October 22, 2024. The meeting aims to discuss raising equity shares, subject to regulatory approvals. Zomato will also release its second quarter results on the same day.

Zomato, the popular food delivery platform, has revealed plans to raise funds through a qualified institutional placement (QIP). The company's board will meet on October 22, 2024, to deliberate on this fundraising strategy.

The board meeting will address the issuance of equity shares, contingent on necessary regulatory and statutory approvals, including gaining shareholders' consent through a postal ballot.

Additionally, Zomato is set to announce its second quarter results on October 22. On the recent BSE closing, Zomato's shares dropped by 1.29%, settling at Rs 270.65 each.

(With inputs from agencies.)